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Lloyds reward card loses on points

A NEW Lloyds TSB reward card offered in partnership with American Express fails to live up to expectations, a leading independent analyst said last week. It is being seen as the latest consumerunfriendly plastic card.

Lloyds claims that users will receive one reward point for every £1 they spend on the card, which charges 0% on balance transfers for the first six months and a standard rate of 16.9%.

But they will receive only £10 in vouchers — which can be redeemed at outlets such as Debenhams department stores, Marriott hotels and UCI cinemas — for every 2,000 points earned. That’s a reward rate of just 0.5%, or ½p in the pound.

The American Express Blue card, on the other hand, pays 2% cashback on purchases made in the first six months, reverting to 0.5% on spending of up to £3,999 a year and 1% above that.